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Ethereum hits new all-time high as Bitcoin closes in on one

November 8, 2021, 3:56 PM UTC

Ethereum spiked to a new all-time high Monday, with Bitcoin surging close to its highest prices as well, as demand for cryptocurrencies continues to rise.

The spike comes as Australia’s regulator, the ASIC, has signed off on spot ETFs using the two cryptos.

After dropping as low as $4,580 on Sunday, Ethereum rocketed to $4,767.55 Monday, before settling a bit lower. Bitcoin showed similar jumps, moving from as low as $61,798 to $66,411. (Bitcoin’s all-time high stands at $66,974.77.)

Analysts say they expect Bitcoin to top its previous bests this week.

“Bitcoin will maintain its strength and is likely to shoot further this week, possibly hitting fresh all-time highs, as this current ‘take off’ generates further interest and momentum, attracting even more retail investors,” said Nigel Green, CEO and founder of DeVere Group.

Japanese exchange Bitbank predicted Bitcoin could go as high as $76,000 this week.

Ethereum has been on a fairly steady climb, with some valleys over the past several weeks, but Bitcoin has been largely flat since Oct. 22, rising and falling in a $4,000 range.

The increase in spot ETFs centered around Bitcoin and Ethereum around the world should increase the number of retail and institutional investors, which is likely to drive prices even higher. Green says he expects the Securities and Exchange Commission to eventually approve a spot Bitcoin ETF. A futures-focused ETF was approved last month.

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